One Liberty Properties entered into an amendment to its $100 million credit facility which extends the facility through Dec. 2026, increases the amount available to be borrowed for renovation and operating expense purposes to the lesser of $40 million and 40% of the borrowing base, provides that the interest rate will be based on 30-day SOFR and requires compliance with certain amended and additional covenants. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the facility.
The financing is led by Manufacturers and Traders Trust Company and an affiliate of Valley National Bank.
“The increased financial flexibility of our credit facility further ensures that we are well-positioned to effectively navigate the challenging macro-economic environment and to take advantage of potential opportunities that could emerge,” Patrick J. Callan, Jr., president and CEO at One Liberty Properties, said. “We remain committed to maintaining a strong balance sheet that supports our efforts to maximize long-term stockholder value.”
